Cleveland-Cliffs (NYSE:CLF) Director Edilson Camara Acquires 7,400 Shares of Stock

Key Points

• Insider purchase: Cleveland-Cliffs director Edilson Camara bought 7,400 shares at an average of $13.49, investing $99,826 and increasing his stake by 12.91% to 64,717 shares.
• Financial performance: The company reported quarterly EPS of $0.28, beating estimates by $0.04, while revenue rose 18.5% year over year to $5.61 billion but came in below expectations.
• Analyst sentiment remains mixed: Recent target-price increases include Wells Fargo’s move to $17 and GLJ Research’s move to $17.48, but the overall consensus rating is “Hold,” with an average target of $13.82.

Cleveland-Cliffs Inc. (NYSE:CLF - Get Free Report) Director Edilson Camara purchased 7,400 shares of Cleveland-Cliffs stock in a transaction that occurred on Thursday, October 22nd. The shares were bought at an average price of $13.49 per share, with a total value of $99,826.00. Following the transaction, the director owned 64,717 shares in the company, valued at approximately $873,032.33. The trade was a 12.91% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Cleveland-Cliffs Price Performance

CLF stock traded up $0.80 during trading on Friday, hitting $13.85. The stock had a trading volume of 5,151,085 shares, compared to its average volume of 19,077,395. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.87 and a quick ratio of 0.63. Cleveland-Cliffs Inc. has a twelve month low of $7.73 and a twelve month high of $15.35. The stock has a market capitalization of $7.90 billion, a P/E ratio of -16.31, a PEG ratio of 5.34 and a beta of 2.09. The company's 50-day moving average price is $12.13 and its two-hundred day moving average price is $11.40.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last announced its earnings results on Monday, October 19th. The mining company reported $0.28 EPS for the quarter, beating analysts' consensus estimates of $0.24 by $0.04. The business had revenue of $5.61 billion during the quarter, compared to analysts' expectations of $5.69 billion. Cleveland-Cliffs had a negative return on equity of 6.83% and a negative net margin of 2.36%. The business's revenue was up 18.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.51) earnings per share. As a group, research analysts predict that Cleveland-Cliffs Inc. will post 0.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. The Goldman Sachs Group reiterated a "neutral" rating and issued a $13.00 target price on shares of Cleveland-Cliffs in a research report on Tuesday. JPMorgan Chase & Co. upped their price objective on shares of Cleveland-Cliffs from $12.00 to $13.00 and gave the company a "neutral" rating in a research note on Thursday. Wells Fargo & Company increased their price objective on shares of Cleveland-Cliffs from $14.00 to $17.00 and gave the company an "overweight" rating in a report on Tuesday. Citigroup reissued a "positive" rating on shares of Cleveland-Cliffs in a research note on Friday, July 24th. Finally, Glj Research boosted their target price on Cleveland-Cliffs from $15.60 to $17.48 and gave the stock a "buy" rating in a report on Monday, September 21st. Four equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $13.82.

Institutional Investors Weigh In On Cleveland-Cliffs

Hedge funds have recently modified their holdings of the company. Fifth Third Wealth Advisors LLC lifted its position in Cleveland-Cliffs by 12.8% in the third quarter. Fifth Third Wealth Advisors LLC now owns 13,857 shares of the mining company's stock valued at $153,000 after buying an additional 1,567 shares during the last quarter. Inspire Investing LLC purchased a new position in Cleveland-Cliffs during the third quarter worth about $345,000. Integrated Advisors Network LLC purchased a new position in Cleveland-Cliffs during the third quarter worth about $114,000. Zullo Investment Group Inc. increased its position in shares of Cleveland-Cliffs by 33.5% during the third quarter. Zullo Investment Group Inc. now owns 14,100 shares of the mining company's stock valued at $155,000 after acquiring an additional 3,540 shares during the last quarter. Finally, Counterpoint Mutual Funds LLC increased its position in shares of Cleveland-Cliffs by 697.8% during the third quarter. Counterpoint Mutual Funds LLC now owns 764,915 shares of the mining company's stock valued at $8,422,000 after acquiring an additional 669,035 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company's stock.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is an integrated North American steel producer headquartered in Cleveland, Ohio. The company operates across the steelmaking value chain, from mining and processing iron ore to producing and distributing finished steel products. Its operations include iron ore mines and pelletizing facilities, steel mills, finishing plants, and related manufacturing and distribution assets.

The company produces carbon steel, stainless steel, electrical steel, and other specialty products, including hot-rolled, cold-rolled, and galvanized sheet steel.

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